E.U. Asserts Power Over City’s Euro Clearing Role

The E.U. has given itself powers to press one of the City of London’s flagship businesses to move to the bloc as part of efforts to ensure financial stability after Brexit.

The European Parliament and national governments reached provisional agreement on Wednesday to set tough conditions for U.K.-based clearing houses, including the London Stock Exchange Group’s LCH, to maintain business with E.U.-based clients once the U.K. leaves the bloc.